Starting a Business as an LLP

Question 1

Starting a Buisness as an LLP

What is required to be incorporated as per s2(1) LLPA 2000

3

Answer 1

a) 2 or more people associated with carrying on lawful business with a view to a profit- agreed to an Incorporation document

b) Incorporation doc delivered to Companies House

c) A signed statement of compliance is sent to Companies House (legal declaration that everything complied with)

A lawyer or partner can sign (c)

Question 2

Starting a Business as an LLP

What is LLIN01?

1

Answer 2

Incorporation Document for Companies House

Conclusive evidence the LLP has been validly formed

Question 3

Starting a Business as an LLP

LLP Accounting Requirements

1

Answer 3

All LLPs required to keep accounting records and file annual accounts

Question 4

Starting a Business as an LLP

Which LLPs must have their accounts audited?

2 of 3 required for audit

Answer 4

Annual Turnover more than 10.2m
Balance sheet total more than 5.1m
More than 50 employees

Question 5

Starting a Business as an LLP

Duration of an LLP

1

Answer 5

Continue until Dissolved

No risks as per ordinary partnership

Question 6

Starting a Business as an LLP

What statute governs LLPs if no Partnership agreement?

1

Answer 6

Limited Liability Partnership Regulations 2001

Similar to PA 1890. Private document, not filed.

Question 7

Starting a Business as an LLP

Notice required for partner to retire in an LLP

1

As per s4(3)

Answer 7

Reasonable notice